Steve Wynn is perhaps best known for revitalizing Las Vegas through the construction of high-end resorts such as the Bellagio and the Mirage.
Wynn knows what he’s doing when it comes to the casino industry. People from all over the world have visited his casinos, departing with a favorable impression of what Las Vegas has to offer.
Please continue reading this detailed biography to learn more about Steve Wynn’s influence on Las Vegas over the years and to gain a glimpse into his personal life.
Stephen Alan Weinberg came into existence on January 27, 1942. He was the eldest child of an affluent New Haven, Connecticut family. In an effort to avoid the prevalent anti-Jewish discrimination of the time, his father decided to change the family name from Weinberg to Wynn when he was 4 years old.
Steve Wynn, as he would eternally be known, grew acclimated to a luxurious lifestyle from a very early age. His father owned several successful bingo halls throughout the East Coast and was anxious to display the family’s wealth by purchasing large residences and expensive automobiles. Wynn always wore name-brand clothing and accoutrements and was granted his every request. To say that he was pampered is an understatement.
Wynn’s family ultimately relocated to Utica, New York, so he could attend the Manlius School, one of the most prestigious private institutions in the United States. In 1959, he graduated at the top of his class after diligently obtaining perfect grades. From there, he would enroll at the University of Pennsylvania and earn a Bachelor of Arts in English literature.
At the outset of his senior year of college, Wynn was contemplating his future plans. He considered attending law school. Before any concrete arrangements were made, he was devastated by the news that his father had passed away during open-heart surgery. Not only did Wynn have to deal with the death of his father, but he also had to deal with his father’s $350,000 in unknown casino obligations.
At that time, Wynn’s future was essentially predetermined. He had to assume control of the family business and attempt to extricate his father from debt. It took him several years to accomplish this, and once he had, he was more than prepared to launch his own business ventures.
Impact on Sin City
In 1967, Wynn and his wife relocated to Las Vegas. Wynn’s first transaction in Las Vegas was the purchase of a minor interest in the Frontier Hotel and Casino.
This was the first time he would invest his hard-earned money in a Las Vegas casino, but it would not be the last.
Together with the money he earned from the Frontier and his wine importation side business, he was able to purchase a controlling interest in the Golden Nugget in Las Vegas. His vision for the Golden Nugget was clear; he wanted a completely renovated, modern-looking casino and resort that appealed to the affluent. The Golden Nugget was a tremendous success, attracting visitors from around the globe. In 1987, Wynn was able to walk away from the sale of the Golden Nugget with $440 million.